How Much Do Country‐Level or Firm‐Level Variables Matter in Corporate Governance Studies?

The ambition of Corporate Governance: An International Review (CGIR) is to publish articles aimed at increasing our rigorous understanding of relevant corporate governance phenomena in an international context.One of the key questions implicit in this objective is to understand how much do country-level or firm-level variables matter for the development of a global theory of corporate governance?Trying to simplify a complex debate, we can say that there are two different views on this question.The first one emphasizes the role of national-level variables at the expense of firm-level variables, and the second one vice versa (e.g., Aguilera and Jackson, 2003;Lubatkin, 2007).